Vitol Tank Terminals International (“VTTI”), today announced plans to build a major oil import and distribution terminal in the industrial area of
The terminal, which is set for completion in 2012, marks an initial investment of more than €100 million in the
Built to world class standards, with the highest safety and environmental standards in place, it will be 100% owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil.
VTTI has extensive experience of building and managing oil terminals, with a network of 11 terminals in five continents, including a major new terminal in
Speaking about the new Vassiliko terminal, CEO of the Vitol Group Ian Taylor said: “We are pleased to be proceeding with this project. This is an important project for
“VTTI has been evaluating a number of countries before deciding where to invest for an Oil Terminal. Cyprus geographical location and its membership of the EU, is the right place for this project and we look forward to developing our business here. We would like to thank the President of the Republic and the Government of
Work is scheduled to start on the Vassiliko facility in the next few months. In addition to storage tanks, a jetty will be constructed to handle seagoing vessels.
Oil products will arrive at the new terminal from the international oil markets and current plans for the terminal are focused on re-exporting to regional markets, as well as supplying the inland market in
VTTI has a proven track record in the successful operation of terminals and the company has already made it clear that it intends to make a number of investments in key local projects to provide additional benefits for the community.